What is really helpful about SSS is that you only have to complete the application once. There is a one time fee of $35. And if you cannot afford the application fee, the fee can be waived by using the special fee waiver code which the school will give you.
Complete the Application
The Parents Financial Statement Instruction Booklet walks you through each step of the process. Remember that you only complete the PFS if the school asks you to. After completing the application, you pay for it - currently a $35 fee - and submit your application. This will do two things: it sends your application to the schools which you have selected and it gives you an estimate of the kind of aid which you can expect to be offered. Now, you must realize that the SSS estimate is only that. Each individual school will determine the amount of financial aid you will receive based on the available pool of...
There are not many scholarships for K-12 private school students. Still, it is worth doing your research in this area to uncover the scholarships which do exist. Several states have programs set up which allow citizens to contribute to funding for private schools. Arizona and Washington offer special tax credits for gifts to private schools for scholarships.
This is the most exciting part of the 'paying for private school' picture. Understand that each private school is independent. Each school stands on its own two feet financially speaking. That's why financial aid will vary from school to school. Older, established schools such as Andover and Exeter have substantial endowment funds. That's why they and a few other schools can offer a virtually free education to students who come from families which make below a certain amount. $75,000, for example. But you will have to visit the schools' web sites to find out the details. Better yet, call and ask.
If you are strapped for cash, but have assets which can be pledged as collateral,...
Let's look at the facts.
Conservative Investment Policies
The investment approach for private school endowments has historically been a conservative, cautious approach. Trustees and their advisors have generally been good stewards of their finances. They avoided risky investments such as derivatives and real estate despite calls from some quarters to maximize returns. The reason for the decline in their portfolio value is simple: just about every investment-grade instrument declined.
Back in the 90s, sustainability became an important principle in private school mission statements and philosophies. The National Association of Independent Schools has taken a leadership role in supporting all kinds of sustainability initiatives including financial sustainability with its 1,500 member schools.
From the Nais: "In order for independent schools to thrive in the 21st century, NAIS believes that they must be sustainable along five dimensions: financial, demographic, programmatic, environmental, and global."
As a result, schools with significant endowments (greater than $10 million) generally were well-positioned to weather the economic storm which 2009 brought on with a vengeance.
Financial Aid is a Priority
Financial aid goes to the heart of most private schools' commitments to diversity. It is not an...
1. You have to apply for it.
Applying for financial aid at most private schools is a separate process from applying for admission to the school. You also need to make sure that you apply early. This is particularly important if the school has no specific admissions deadline or rolling admissions.
2. You may be eligible for free tuition if your family income is below a certain amount.
Many private schools use a common financial aid form. This vastly simplifies the process of applying to several schools. You will have to fill out the Parents' Financial Statement (PFS) online at www.nais.org/financialaid/sss. You can also complete a paper version of this application. This will be available from school admissions offices.
4. Most schools have a sliding scale of aid.
You may think that you are ineligible for financial aid because your family income is $150,000. The truth is that you may indeed be eligible for some aid. It will depend on factors such as how many children you have at the...